Ex-Goldman trader loses $5m bonus claim

Former Goldman Sachs trader Deeb Salem struck out in his pursuit of almost $5 million in bonus money on top of $8.25 million he received in 2010 as a Manhattan judge upheld an arbitration panel’s decision favoring the bank.

Salem claimed he helped the bank earn more than $7 billion and told the arbitration panel on Feb. 25 that he was one of the most sought-after investment professionals in the mortgage industry. The panel, described by Salem’s lawyer as a 'kangaroo court,' didn’t let Salem call some of Goldman Sachs’ top trading executives as witnesses, resulting in a miscarriage of justice, according to the petition.